Ategrity Specialty (NYSE:ASIC) Reaches New 1-Year High – Still a Buy?

Ategrity Specialty (NYSE:ASIC) shares hit a new 52-week high during trading on Monday . The company traded as high as $24.48 and last traded at $24.2050, with a volume of 32475 shares changing hands. The stock had previously closed at $23.68.

Analysts Set New Price Targets

ASIC has been the subject of several research analyst reports. Weiss Ratings raised Ategrity Specialty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 18th. Zacks Research lowered Ategrity Specialty from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 19th. Wall Street Zen raised shares of Ategrity Specialty from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Ategrity Specialty from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Ategrity Specialty Trading Up 3.8%

The firm’s fifty day moving average is $20.45. The stock has a market cap of $1.18 billion and a PE ratio of 13.20.

Ategrity Specialty (NYSE:ASIC) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.11. The business had revenue of $128.96 million during the quarter. Ategrity Specialty had a net margin of 19.75% and a return on equity of 15.29%. On average, analysts predict that Ategrity Specialty will post 1.98 earnings per share for the current year.

Hedge Funds Weigh In On Ategrity Specialty

Several large investors have recently bought and sold shares of ASIC. State of Alaska Department of Revenue bought a new stake in shares of Ategrity Specialty in the 4th quarter worth $76,000. Strs Ohio boosted its holdings in Ategrity Specialty by 54.5% during the fourth quarter. Strs Ohio now owns 1,700 shares of the company’s stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Geode Capital Management LLC grew its position in Ategrity Specialty by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 153,259 shares of the company’s stock worth $3,221,000 after purchasing an additional 4,866 shares in the last quarter. Norges Bank purchased a new stake in Ategrity Specialty in the 4th quarter valued at about $840,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Ategrity Specialty by 57.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 56,284 shares of the company’s stock worth $1,183,000 after buying an additional 20,426 shares in the last quarter.

Ategrity Specialty Company Profile

We are a profitable and growing specialty insurance company dedicated to providing excess and surplus (“E&S”) products to small to medium-sized businesses (“SMBs”) across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The SMB market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value.